FAAC disburses N1.208trn to FG, states, LGs in April 2024 revenue

The Federation Account Allocation Committee (FAAC) has announced the disbursement of N1.208 trillion in revenue for April 2024 to the Federal Government, state governments, and local government councils across Nigeria.

This allocation, decided during the May FAAC meeting, encompasses various revenue streams such as statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue.

Revenue Distribution Breakdown

-Federal Government: N390.412 billion
– State Governments: N403.403 billion
– Local Government Councils: N293.816 billion
– Derivation Revenue (13% of mineral revenue): N120.450 billion

Statutory Revenue Allocation

From the distributable statutory revenue of N284.716 billion:
– Federal Government: N112.148 billion
– State Governments: N56.883 billion
– Local Government Councils: N43.855 billion
– Derivation Revenue: N71.830 billion

VAT Revenue Allocation

Out of the total VAT revenue of N466.457 billion:
– Federal Government: N69.969 billion
– State Governments: N233.229 billion
– Local Government Councils: N163.260 billion

The distribution also included EMTL and Exchange Difference revenues, ensuring comprehensive financial support across all tiers of government.

Increases and Decreases in Revenue Sources

According to the communiqué issued by the FAAC, there were notable increases in revenues from Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies. Conversely, Import Duty and VAT recorded considerable decreases.

Excess Crude Account Balance

The statement issued by Bawa Mokwa, Director of Press and Public Relations under the Office of the Accountant General of the Federation, revealed that the balance in the Excess Crude Account (ECA) as of April 2024 stood at $473,754.57.

This substantial disbursement underscores the FAAC’s commitment to ensuring equitable distribution of national revenue, supporting various levels of government in executing their financial responsibilities and fostering economic stability across the country.

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